Quotes by Meir Statman

(156) "The house [casino] takes a cut on each spin of the wheel, paying out less in winnings than it collects in bets. So roulette is a negative-sum game, and so is your non-index mutual fund [actively managed fund]."
- Odds say you can't beat index funds, MoneyCentral Investing
(158) "Practically speaking, individual investors should treat the market as unbeatable and realize that when they try to beat it because it is inefficient, they are likely to injure themselves, rather than gain at the expense of another."
- SF Gate.com article titled, "Meir Statman: Amateur investors expect impossible" 11/16/2010
(157) "If you passed a law saying that [members of Congress and their staffs] can only invest in index funds, on the whole you would do them a great favor, for two reasons. First, they won't be reading news coverage about themselves that they and their constituents don't like. And two, they're more likely to make more money on index funds than by trying to outsmart the market."